West Perth-based Energy Investments Ltd has announced a placement to raise up to $5.2 million for the development of farm-in interests in its oil and gas tenements, on the same day its chairman, Domenic Martino, retired.
West Perth-based Energy Investments Ltd has announced a placement to raise up to $5.2 million for the development of farm-in interests in its oil and gas tenements, on the same day its chairman, Domenic Martino, retired.
The full text of a company announcement is pasted below
The Board of Energy Investments Ltd is pleased to announce further significant ongoing development focussed on the optimisation of its valuable asset portfolio.
EIV is a diversified energy company. The EIV portfolio includes; a number of recent conventional oil and gas discoveries in the Cooper Basin PEL 106, increasingly recognised as an emerging gas and condensate province; substantial Coal Bed Methane assets comprising ATP's totalling over 23,000 sq kms in the growing Queensland market and ranking EIV as one of the nation's largest CBM land-holders; plus a number of conventional hydrocarbon exploration plays in highly prospective regions considered attractive for future joint-venture partnering activities.
EIV has arranged the placement of 20 million shares, with capacity to accept oversubscriptions of up to a total of 35 million, new shares at 15 cents for a minimum capital raising of $3 million and up to $5.25 million. The placement is being managed by InterFinancial Ltd. The placement is to sophisticated investors.
The proceeds of this placement will be applied to the development already being undertaken on the Company's farm-in interests in PEL 106 with a view to moving to production in the near term plus commencing development activities to establish reserves in the company's valuable CBM asset portfolio all strategically located along existing infrastructure, near markets and adjacent to existing
proven and producing areas.
Current EIV Chairman Mr Martino retires today having seen the company achieve its strategic development. Mr Martino led EIV through the transformation from an industrial investment company to diversified oil & gas company.
Industry stalwart Mr Norm Zillman has been appointed Chairman. Mr Zillman has a renowned industry reputation and is a former director of several highly successful companies, including Queensland Gas Company Ltd, Great Artesian Oil & Gas Ltd and Planet Gas Ltd.
With the Company's focus on operations and technical development, the EIV Board will be strengthened with the appointments of Mr Sharif Oussa and Mr Brian McGillivray. Both Mr Oussa and Mr McGillivray have been with the Company since the commencement of its transition to a diversified energy company. Furthermore Mr Howard Dewhirst will join the board. Mr Dewhirst has over 30 years technical experience in oil and gas, with more than 20 of those in the CBM industry.
In recognition of the Company's increased technical activities Mr Oussa has been appointed Managing Director. Current CEO Mr Shane Doherty will remain for a time as non-executive director.
Mr Oussa is a geologist, and has played a significant role in the Australian CBM sector over the past 9 years, acting as corporate advisor to many companies including Queensland Gas Company Ltd, Sydney Gas Company Ltd and is also a founder of Planet Gas Ltd and Purus Energy Ltd.
